US Business Services: Investor Feedback from the Road

研报英文原文证据摘录

US Business Services: Investor Feedback from the Road

Global Research

13 July 2026ab

US Business Services Equities

AmericasInvestor Feedback from the Road

Industrial Services

Joshua Chan, CFA

Key Takeaways from Our Meetings on the Road Analyst

We spent much of July to-date in investor meetings and observed the following joshua.chan@ubs.com

themes: 1) high-quality compounding stocks (CTAS, ROL, ULS, APG) received the most +1-212-713 9957

interest, 2) stocks with recent momentum (ARMK, WSC) also had a fair share of investor Karandeep Singhania

inquiries, 3) FIX interest remains high but sentiment has become less universally bullish Associate Analyst

after a strong YTD rally, 4) staffing plays (MAN, KFRC) intrigue select investors from a karandeep.singhania@ubs.com

cyclical perspective, 5) EXPO hit some value-oriented screens, and 6) IT/BFAM received +1-212-713 4211

less interest than typical. High-level takeaways below, and we're happy to discuss Brianna Kamdoum

further. Associate Analyst

brianna.kamdoum@ubs.com

The Big Picture +1-212-882 5027

AI/macro overlay seen mostly as a headwind. With some exceptions (e.g.,

FIX, APG, etc.), the AI/macro overlay on Business Services is largely viewed as a

headwind. This is because some areas of Business Services are seen as facing risks

from AI, while others are at least not clear AI beneficiaries (enough to be a

negative in today's market). The narrative is that capital flow is moving away from

the space in general. Additionally, higher interest rates (vs. last few years) have

been blamed for the de-rating of some traditionally higher-quality, higher-multiple

stocks in our space.

De-rating acknowledged but not seeing immediate support. Most investors

appreciate the de-rating that has taken place across most of the space. However,